Wednesday Feb 15, 2023 - Argentina - Inflation Crisis, Policewoman killed, new credit cards

These are some of the Trending news in Argentina on Wednesday February 8, 2023.

"Argentina's inflation crisis continues to escalate with a 6% rise in January consumer prices. According to INDEC, the national statistics bureau, this is despite the government's renewed price control program. Over the past year, inflation has hit a staggering 98.8%, the highest rate since 1991. The latest increase was driven by a 7.9% rise in seasonal products, 5.4% in core inflation, and 7.1% in regulated products. The government forecasts a 60% increase in consumer prices for 2023, but analysts expect it to surpass 97%. Argentina has faced double-digit annual inflation for over a decade, with rates continuing to rise in recent years, reaching 94.8% in 2022. The largest increases in January were in recreation and culture, followed by utilities and communications, with a 6.8% rise in food and non-alcoholic beverages. The only sectors with lower price variations were clothing and footwear, and education. The Buenos Aires region saw a 6% rise, with the Cuyo region having the highest monthly inflation rate at 6.4%."

In a tragic event, a policewoman was killed in a shooting at a C-line subway station in Retiro, Buenos Aires. The 36-year-old mother of two, Maribel Nélida Salazar, was shot in the chest and neck and died after being transported to the hospital. Another person was also injured in the attack, while the perpetrator, a man with a criminal record, was arrested. The incident took place at the Retiro station of the capital's C-line network on Tuesday morning. Salazar regularly worked on the underground network and was intervening in an argument between a passenger and a subway operator when the attack occurred. Service on the C-line was briefly interrupted, and the area was cordoned off.

Argentine fintech firm, Ualá, has launched credit cards in Mexico through its alliance with ABC Capital. CEO Pierpaolo Barbieri says that the card, issued by the Mexican bank, will allow users to build a credit history recognized by the country's credit bureau, which is not possible with cards from fintech firms without a banking license. Ualá, backed by George Soros, Steve Cohen and Tencent Holdings, provides financial services through a prepaid card managed on a mobile app in Mexico, Argentina, and Colombia. With only 33% of adults having access to formal credit, according to the country's latest financial inclusion survey, Ualá is betting big on Mexico. The firm has already launched mobile point-of-sale units and a remittances and personal loan service in the country. CEO of ABC Capital, Carlos Hernandez, adds that the recent key rate increase by Banxico won't impact the rate offered to retail users.

This Valentine's Day, couples in Argentina are feeling the pinch of soaring inflation. According to a report by Focus Market consultancy firm, prices have increased by up to 120% compared to last year. Flowers, which have risen by 120% YoY, top the list of increases. Dining out, home-delivered breakfasts and dinners have also seen significant rises with average annual increases of 105%. Plush toys, chocolates and breakfast remain popular gifts but come with a price tag. An eight-count box of chocolates can cost up to 3,900 pesos and a stuffed animal reading, "I love you," costs 8,900 pesos. A combo of flowers, a stuffed animal, and chocolates can cost around 9,500 pesos on average. The survey showed that partners prefer to gift experiences like spa visits, picnics, boat trips, etc. at 25%, breakfasts and dinners at home at 15%, restaurants at 15%, and flowers and plants at 10%.

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